Oil prices fell Friday, while U.S. futures edged up.
Asian stocks were mostly lower.
U.S. President Donald Trump suggested Thursday that he’s open to extending the two-week ceasefire in the Iran war, and Iran’s U.N. envoy said Tehran remained “cautiously optimistic” over negotiations with the U.S.
As optimism over an extended ceasefire grew, oil prices fell early Friday after climbing a day earlier. Brent crude, the international standard, was 3.2% lower at $96.25 per barrel. It had surged roughly 40% since the beginning of the Iran war in late February. Benchmark U.S. crude was down 3.6% to $87.86 a barrel.
Global energy shocks are growing over impacts of the Iran war, with the Strait of Hormuz remaining largely closed while the U.S. imposed a sea blockade on Iranian ports. The head of the International Energy Agency told The Associated Press on Thursday that Europe has “maybe six weeks or so” of jet fuel supplies remaining and warned of flight cancellations “soon.”
